. >> as part of our series looking at the so-called fiscal cliff fleming, we look at different aspects of it. today we turn our attention to the alternative minimum tax and the pack that could come from congress if they're able to work out a deal. if they do nothing come of this will impact 30 million americans. joining us to discuss his georgetown laws, john buckley. thank you for being here. john buckley, let's begin. what is the alternative minimum tax? >> guest: in simple terms, the alternative minimum tax requires you to pay the greater of what you pay under the tax overshoot compute under the minimum tax, which has a slightly broader base. it disallows some deductions that would be allowed. in some respects, it is very similar to the tax on itemized deductions being discussed rather than directly attack preferences and expenditures, it essentially puts an overall cap on the benefit. there's no new ideas in this debate. the cap is a very strong relationship. >> curious form 625 from the irs for the 2011 tax preparation. here is part 1, the alternative minimum taxable income in all